Lucid Motors raises $1 billion in funding from Saudi Arabia to support production and sales of its luxury electric sedan.

Mar 25, 2024•over 1 year ago

Amount Raised

$1 Billion

NewarkManufacturingAutomotive

Investors

Ayar Third Investment, Saudi Arabia’s Public Investment Fund

Description

Lucid Motors secured an additional $1 billion investment from its major financial backer, Saudi Arabia's Ayar Third Investment, to alleviate the financial burden of producing and marketing its luxury electric sedan. This funding follows the company's plan to increase its electric vehicle output and the challenges faced in finding buyers for its Air sedan.

Company Information

Company

Lucid Group

Location

Newark, California, United States

About

Lucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The Company's first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design that features luxurious full-size interior space in a mid-size exterior footprint. The Lucid Air Grand Touring features an official EPA estimated 516 miles of range or 1,050 horsepower. Deliveries of Lucid Air, which is produced at Lucid's factory in Casa Grande, Arizona, are currently underway to U.S. and Canadian customers.

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